Ethereum and Altcoins Hit Historic Lows in RSI, Signaling Market Capitulation
- Ethereum hits lowest RSI since Aug ’23 collapse, signaling oversold conditions.
- Altcoins reach historic RSI lows, indicating widespread market capitulation.
- Crypto market faces significant strain as RSI levels drop to new lows.
Ethereum’s price has tumbled, reaching its lowest Relative Strength Index (RSI) level since August 2023 and signaling a potential market bottom. This extreme oversold condition, mirrored across numerous altcoins, suggests widespread capitulation among investors and raises questions about the cryptocurrency market’s immediate future.
Crypto analyst Michaël van de Poppe highlighted this critical development, noting the unprecedented RSI levels. For Ethereum, the RSI level is now at its weakest point in almost a year, suggesting that the cryptocurrency is deeply oversold. Altcoins, too, have not been spared, with many reaching their lowest RSI readings in history. This pattern reflects a broader market downturn and raises questions about the near-term future of the cryptocurrency market.
Ethereum’s RSI plunge to its lowest since August 2023 marks a significant point in its trading history. The RSI, a key momentum indicator, measur…
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